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You are correct. That was slipshod posting done too quickly.
For the sake of correction
"as soon as an informal approach is announced..."
You too mate. I'm flying to Madeira on Sunday weather permitting but I will still be reading every one of your posts.
So you didn't mean the opening sentence of your post at 13:21?
Anyway, this horse has been flogged for long enough.
Enjoy your Easter.
Look at the header mate...
So let me be precise
As soon as an INFORMAL approach iu announced...
Angels on the head of a pin...
Thanks for the mention Scotkio. I am disappointed that you felt the need to exaggerate in your tweet on HH's stream.
You said ' as soon as a bid is announced'. This would trigger the various regulations.
The heading to this thread is "Informal approach."
I.e. there is no formal offer or formal offer period and Scott would not be precluded from buying shares once the 'informal' offer was announced publicly and until any offer was formalised.
Even after a formal offer the following terms of the Takeover Panel Rule 9.1 apply:
"Directors of a company which is subject to an offer or a possible offer will be presumed to be acting in concert from the beginning of the relevant period as defined in Rule 21.1(b) or, where Note 9 on Rule 21.1 applies, from the beginning of the offer period. The normal provisions of this Rule will apply in these circumstances. At other times, directors of a company are not presumed to be acting in concert in relation to control of the company of which they are directors. Subject to the constraints imposed by the Rules, directors are, so far as the Code is concerned, free to deal in the shares of their company. "
In other words there are still circumstances in which he could buy shares provided a formal offer was not accepted.
Correct Add 13:46.
Sorry add. Not you red knight 1
Who, me? In what context?
Hubris has mentioned you on his Twitter
Wrong. The company would be in a defined bid situation and as such there are all sorts of restrictions in place.
No they wouldn't...as soon as a bid is announced it is public information...until a further bid is made...
I'm not sure the rules allow it because the directors would still be in the position of having inside info.
But he could buy them as soon as the bid was announced...
You and I both know that when a bid is announced the shares go higher on speculation of a counter...
To remind again...if the Noront Directors had bought shares immediately after Wyloos first offer for the company they could have made 250% profit by the time the final bid was final...
And if the SOLG Board declined the first offer, Scott could reinforce the implicit undervaluation by buying shares...
Addi,
Any interested parties that wish to acquire Solgold would not want us defining JV's for Cascabel.
What he is saying is a way to force the hand.
This will come down to who has the biggest ego to move first.
Twiggy would be up there as would Gina.
Henry has a fanny, and Palmer has dementia so these guys are chain draggers
Because there wouldn't be any shares to buy. I would have thought that was obvious. I suppose if the market didn't mark the shares at offer price there would be an arbitrage position, but I'm pretty sure directors can't do so.
Why?
If he's serious about wanting to buy more, it tells us he's not in discussions to sell the company.
Indeed and added to that as someone pointed out to me earlier, two weeks ago Scott stated he was in a “blackout period “ therefore in possession of information that precludes him from buying. He also stated he’d buy when he could once this is over. Therefore he must still be in the situation as any director buys or sells have to announced PDQ
Takeover Code relevant quotes:
"Absolute secrecy before an announcement of an offer or possible offer is of vital importance. If secrecy is maintained, it should be possible for offer preparations to be conducted in private, without an announcement of a possible offer being required. Accordingly, all persons who are privy to confidential information concerning an offer or possible offer must conduct themselves so as to minimise the chances of any leak of that information. For example, confidential information should only be passed to another person if it is necessary to do so and if that person is made aware of the need for secrecy....
A key issue in applying Rule 2.2(c), Rule 2.2(d) and Rule 2.3 is whether an offeror has made an “approach” to the offeree company regarding a possible offer. ...
For these purposes, the Executive interprets the term “approach” broadly. Each case will turn on its own facts, but the Executive normally considers an approach to have been received when a director or representative of, or an adviser to, an offeree company is informed by, or on behalf of, a potential offeror that it is considering the possibility of making an offer for the company. This may be at a very preliminary stage in the offeror’s preparations and the manner of the approach may be informal and no more than broadly indicative...."
Now communication at Solgold has been totally bolted down...one contact said "we're scared to talk to anyone about anything..."
And Scott said he cannot buy shares.
But..."theres lots going on..."